Chevron Pulse Report: 1Q 2010 Edition - The State of the Online Energy Conversation

Table of Contents 1. Overview 3 3. Energy and Technology 32 The Energy Conversation 3 Summary 33 Methodology 4 Topics 34 Executive Summary 8 Volume and Net Sentiment 37 The Online Energy Conversation Volume 10 Volume of Online Conversations 38 Timeline of the Energy Conversation 11 Net Sentiment and Sentiment Volume 39 Volume and Net Sentiment 13 Sentiment Trends 40 Sentiment Trends 14 Energy Efficiency 41 Online Conversation Platforms Volume 15 Technology and Innovation 43 Growth of the Twitter Conversation 16 Alternatives and Renewables 45 Influencers 47 2. Energy Resources 17 4. Energy and Environment 48 Summary 18 Summary 49 Topics 19 Topics 50 Volume and Net Sentiment 21 Volume and Net Sentiment 52 Volume of Online Conversations 22 Volume of Online Conversations 53 Net Sentiment and Sentiment Volume 23 Net Sentiment and Sentiment Volume 54 Sentiment Trends 24 Sentiment Trends 55 Access 25 Environment, Resources and Policy 56 Energy Reserves 27 Climate Change 58 Energy Security 29 Influencers 60 Influencers 31 5. Join the Online Conversation 61 6. Addendum 62 The Chevron Pulse Report(TM) is © 2010 Chevron Corporation. All rights reserved. Chevron hereby grants to any person a royalty-free license to copy the Report in whole or in part. Your license is conditioned upon providing attribution to Chevron (e.g. “Source: Chevron Pulse Report, 1Q 2010 Edition”). Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 2

Overview The Energy Conversation As we explored in our first edition (July 2008 – December Chevron has been using the information to stay informed 2009) of The Chevron Pulse Report: The State of Online about energy topics that are important to people participating Conversation about Energy Issues, energy is one of the in the online community. most important issues of our time. It shapes the world we live in today and the future that we will share. The online conversation Edelman and Chevron are excited to share the second about energy is robust, diverse, passionate and dynamic, edition of The Chevron Pulse Report with you. This edition evolving alongside the medium itself. examines energy conversation trends that occurred over the 18-month period of October 1, 2008 through March 31, 2010. During the first quarter of 2010, there were 450 million people We also took a closer look at the first quarter of 2010 and on Facebook, approximately 100 million people on Twitter and analyzed how the results differed from the fourth quarter of there were 9.2 million posts* about energy that emerged across 2009. online platforms. Furthermore, from October 1, 2008 through March 31, 2010, there were 30 million posts about energy. The quarterly report is a way to understand and articulate how the online conversation about energy has evolved. Edelman In the summer of 2008, Chevron partnered with Edelman to placed a lot of emphasis on charts that translate the gain a better understanding of the online conversation about conversation into simple visuals, understanding that it is energy topics. Together, Chevron and Edelman identified nearly impossible to represent 30 million conversations in a more than 50 key energy issues and conversation topics. handful of words. Working with Alterian’s SM2 social media monitoring tool, we began analyzing the focus, volume and sentiment of the online Chevron and Edelman hope you find the information conversation about these issues across blogs, discussion interesting and helpful. forums and social networks, including sites such as Twitter, Facebook, YouTube, Vimeo and Flickr. *The term “posts” is used generically to represent a piece of online content, such as a blog post, tweet, photo, video or discussion comment. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 3

Overview Methodology: Scope Scope Edelman conducted a quantitative and qualitative Within these eight issues, we examined 74 subtopics, analysis of the volume and sentiment of the global, ranging in size from a few hundred posts to more than English-speaking online conversation about energy a million. issues from October 1, 2008 through March 31, 2010, focusing on eight major issues within three broad The analysis was conducted on a quarterly* basis. There categories: were six quarters during the18-month period, beginning with 4Q08 and ending with 1Q10. Edelman examined  Energy Resources – Access; Energy Reserves; changes in volume and sentiment for each subtopic for Energy Security each quarter.  Energy and Technology – Energy Efficiency; Technology and Innovation; Alternatives and Renewables  Energy and Environment – Environment, Resources and Policy; Climate Change These three categories were chosen because they were the broadest terms that applied to the most relevant conversations about energy. *Each calendar year is divided into four consecutive three-month periods known as "quarters." The first quarter (1Q) begins January 1 and goes through March 31. The second quarter (2Q) is April 1 through June 30. The third quarter (3Q) is July 1 through September 30. The fourth and final quarter for each respective year (4Q) occurs from October 1 through December 31. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 4

Overview Methodology: Quantitative Analysis Quantitative Analysis of the Conversation Volume The amount of online conversation about energy is vast, Edelman used Google’s Advanced Search features and there is no objective way of measuring precisely how to catalogue blogs, social networks (e.g., Facebook, many posts there are for a given period. Google has MySpace) and social media sites (e.g., YouTube, indexed billions of webpages, but even they could not Flickr, Revver, Vimeo), as well as Boardreader for provide a comprehensive number of pages, posts or discussion forums. Note: Only public Facebook pages comments. Each search engine and social media were indexed, in accordance with the site’s Terms of monitoring tool collects posts a little bit differently. Service. Edelman captured and analyzed enough of the online Using this methodology, 30 million posts about conversation in order to make confident and reasonable Energy Resources, Energy and Technology, and assertions about the volume and sentiment of the Energy and Environment were identified from discussion. Edelman worked with developers to construct October 2008 through March 2010. a series of Julian date searches that pulled information on the number of posts about specific topics over a given Searches were run in triplicate to ensure data integrity. period of time. The searches were built on Boolean The volume also was manually cross-referenced with taxonomies, which were developed and tested for each results pulled by Alterian’s SM2* social media monitoring of the 74 subtopics, in order to reduce or eliminate false tool to determine whether there were inconsistencies in positives in the search results. the relative volume of subtopics in relation to each other. For example, if there were 1 million posts in Google about a topic, but only 500 posts in SM2, this would signal a likely data query error. In such instances, queries would be reconstructed and redeployed. *SM2 is a social media monitoring and analysis tool that tracks and measures online conversations across blogs, forums and social media platforms based on volume, sentiment and influence. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 5

Overview Methodology: Qualitative Analysis Qualitative Analysis of the Conversation Sentiment While the Julian date searches on Google and The items were selected based on topical relevance. Boardreader provide reasonable assurance of the volume They were weighted according to the predominance of of conversations about the issues we examined, neither subtopics in relation to one another so that the sample platform offers the ability to evaluate the sentiment of said reflected the volumes identified in the quantitative conversations. Because we were examining such a analysis. For example, if the subtopic Biofuels made sizable conversation, it would be untenable to manually up 20 percent of the quantitative sample for the rate the tone and sentiment of each of these posts. Thus, discussion of the topic Alternatives and Renewables, the semantic engine of Alterian’s SM2 social media then 20 percent of the qualitative sample for this topic monitoring tool was used to evaluate the sentiment focused on Biofuels. Additionally, the samples were of the online conversation about each issue. weighted by date to reflect individual conversation trends where possible. Edelman is confident in the tool’s native capabilities, but wanted to provide additional assurance that the tool was More than 5,000 posts were pulled to make up the properly rating issue-oriented conversations. These types sample used in the 2008 survey. A team of 10 of conversations can differ in sentiment and tone from conversation analysts manually reviewed the posts consumer- or product-oriented discussions. and scored them on a 5-point Likert Scale for overall sentiment as well as sentiment on specific issues, In August 2008, Edelman conducted a quantitative survey where: of the online conversation about energy issues. This established the relative volume of conversation about 1 = Very unfavorable energy issues over a seven-month period, from January 1 2 = Unfavorable through July 31, 2008. We drew a randomized qualitative 3 = Neutral sample of posts from the larger quantitative pool in order to gain insight into the tone and trends in the conversation 4 = Favorable about these topics. 5 = Very favorable Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 6

Overview Methodology: Qualitative Analysis, continued For example, a post that was very favorable about For the purposes of the Pulse Report, SM2 scored Alternatives and Renewables but very unfavorable about 9.7 million posts across 74 subtopics over an 18- Wave Power would be scored “5” for Alternatives, “1” for month period. Comparing this analysis with other Wave Power and “4” overall. The overall score was based evaluations of the online conversation about specific on the general tone of the article; it was not merely an issues, Edelman is confident that this examination average of the individual scores. Further, net sentiment represents one of the most comprehensive analyses of was calculated based on a weighted average of positive online conversation available. and negative sentiment. The analysts also developed a detailed taxonomy of trigger words that signaled why the post was positive or negative in sentiment. This dictionary of more than 1,000 words was combined with SM2’s existing semantic dictionary in order to provide heightened assurance that the semantic engine was properly scoring conversations. Edelman reviewed a sample of the conversations scored by SM2 and is confident in its semantic scoring. This methodology was applied to the evaluation of six previous quarterly reviews of the online conversation about energy issues. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 7

Overview Executive Summary: October 1, 2008 – March 31, 2010  There were 30 million posts about Energy  Energy and Technology had the only Resources, Energy and Technology and positive online conversation among the Energy and Environment from October 1, three categories analyzed throughout the 18- 2008 through March 31, 2010. month period.  Using Alterian’s SM2 social media monitoring  Of the eight issue areas*, Climate Change – tool, Edelman analyzed the sentiment of 9.7 within the Energy and Environment million posts from October 1, 2008 through category – had the largest volume of March 31, 2010. The average sentiment of online conversation from October 2008 this sample was neutral: 2.95 on a 5.00 Likert through March 2010 with 7.6 million posts; scale. however, it also became more negative throughout 2009 and into 2010.  The majority of the online conversation evaluated over the 18-month period was  Sentiment fell for each of the last four generated on blogs, followed by discussion quarters for Energy and Environment and forums, videos sites, social networks and the last three quarters for Energy Twitter. Resources. Energy and Environment continued to be the most negative of the three categories for the duration of the 18-month period. *See page 4 for a list of the eight issue areas. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 8

Overview Executive Summary: January 1, 2010 – March 31, 2010  During the first quarter of 2010, conversation  Whereas Energy and Environment became the was largely driven by political and most prominent of the major categories in online economic events (e.g., the World Future discussion during the last quarter of 2009, it was Energy Summit). Additionally, negotiations surpassed by Energy and Technology during the and announcements surrounding energy first quarter of 2010. legislation and proposals (e.g., tax credits for boosting green jobs) took shape around  Following the Copenhagen climate summit, a Energy Resources, Energy and Technology, shift in the online energy conversation and Energy and Environment. emerged, as discussions about Alternatives and Renewables, Sustainability and Energy  The volume of online conversation grew Efficiency began to generate additional interest rapidly during the first quarter of 2010 among people talking about energy online. compared to the fourth quarter of 2009, increasing 71.5 percent to 9.2 million posts  A notable rise in online conversation volume for from 5.4 million posts. With the exception of Access occurred during the first quarter of 2010, video sites, there was an increase in where there was a 178 percent increase in conversation across all online platforms. discussion (approximately 221,000 posts). Within this key topic, there were significant increases in  Energy Resources experienced the largest dialogue about Arctic National Wildlife Refuge, increase in volume in the first quarter of Natural Gas and Outer Continental Shelf, 2010, growing 139 percent to approximately respectively. 1 million posts. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 9

Overview The Online Energy Conversation Volume There were 30 million online posts about Energy Resources, Energy and Technology, and Energy and Environment from October 2008 through March 2010. Of those 30 million posts, 9.2 million occurred from January 2010 through March 2010, the most recent quarter examined in the Pulse Report. Energy and Technology comprised the largest share of the conversation during the 18-month period as well as the most recent quarter. Last 18 Months Last 3 Months Chart 1.1 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 10

Overview Timeline of the Energy Conversation October 1, 2008 – March 31, 2010 Volume of Online Conversations Chart 1.2 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 11

Overview Volume and Net Sentiment of Online Conversations About Energy Online conversation about Alternatives and Renewables was the highest in volume during the first quarter of 2010. Technology and Innovation was the most positive in sentiment, while Climate Change was the most negative. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 2,500,000 Climate Change Alternatives and Renewables Volume of Online Conversations 2,000,000 1,500,000 Technology and Innovation Energy Efficiency Environment, Resources and Policy 1,000,000 Energy Reserves 500,000 Access Energy Security 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 1.4 Low Volume/ Low Volume/ Negative Sentiment Sentiment of Online Conversations Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 13

Overview Sentiment Trends of Online Conversations About Energy The sentiment of the online conversation about most of the eight issue areas we examined fell in the last quarter of 2009 and continued to drop slightly during the first quarter of 2010. Climate Change continued to be the most negative in tone, while Technology and Innovation became the most positive issue, surpassing Energy Efficiency. October 1, 2008 – March 31, 2010 8 Issue Areas 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Environment, Resources 3.09 3.32 3.19 3.30 3.10 3.12 and Policy Climate Change 2.39 2.68 2.54 2.46 2.33 2.18 Alternatives and 2.95 3.31 3.39 3.42 3.32 3.25 Renewables Energy Efficiency 3.30 3.53 3.58 3.70 3.60 3.29 Technology and 3.30 3.59 3.60 3.33 3.46 3.44 Innovation Access 2.41 2.66 2.64 2.72 2.66 2.54 Energy Reserves 2.58 2.72 2.80 2.75 2.54 2.45 Energy Security 3.35 2.79 2.88 2.79 2.61 2.64 Sentiment Trends of Online Conversations Legend: Positive (3.10–5.00) >0.10 Change: Positive Neutral (2.90–3.09) Negative Chart 1.5 Negative (1.00–2.89) Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 14

Overview Online Conversation Platforms Volume Blogs generated the largest share of online energy conversation over the 18-month period, followed by discussion forums. This trend continued during the first quarter of 2010. Conversation volume grew within each of the platform categories except for Twitter. The overall volume of discussion about energy has increased in each of the last six quarters. *YouTube, Revver, Vimeo, Qik, Flickr; **Facebook, MySpace, Friendster, Digg; ***Boardreader Chart 1.6 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 15

Overview Growth of the Twitter Conversation While the number of people on Twitter continued to grow significantly over the 18-month period, the volume of tweets regarding Energy and Technology and Energy and Environment dropped notably in the first quarter of 2010. The number of tweets about Energy Resources rose slightly in the first quarter of 2010. *Source: http://themetricsystem.files.wordpress.com/2010/01/cumulativeusers.jpg; http://techcrunch.com/2010/04/14/twitter-has-105779710-registered-users-adding-300k-a-day/ Chart 1.7 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 16

Energy Resources Summary of the Online Conversation  There were 2.9 million online  The volume of online conversations conversations about Energy about Energy Resources increased Resources during the 18-month period 139 percent to approximately 1 million from October 2008 through March posts during the first quarter of 2010. 2010. There were 1 million from January through March 2010.  Within the Energy Resources discussion, Access and Energy  Discussion of Energy Reserves Reserves experienced a significant comprised 65 percent of the online increase in conversation volume – 178 Energy Resources conversation percent growth and 139 percent growth, during the 18-month period. respectively.  Within the Energy Reserves discussion, Capacity made up 44 percent of the  During the first quarter of 2010, the conversation during the 18-month online conversation about Energy period and 31 percent of the discussion Resources was negative, with a Likert in the first quarter of 2010. rating of 2.51 out of 5.00. Of the three key topics, Energy Security was the KEY ENERGY RESOURCES TOPICS EXAMINED: least negative in sentiment (2.64). • Access • Energy Reserves • Energy Security Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 18

Energy Resources Topics Explored in the Online Conversation Access Energy Reserves  Outer Continental Shelf (OCS): Oil or drilling in the  Energy Reserves: Reserves of energy resources, OCS, offshore areas that lie between the jurisdiction including natural gas and oil. A reserve is the amount of individual U.S. states and the federal government, of commercially recoverable energy still remaining at generally three miles to 200 miles off the coast. a location.  Arctic National Wildlife Refuge (ANWR): Oil or  Peak Oil: Defined as the point in time when the drilling in the ANWR, a 19-million-acre area that lies maximum rate of extraction of the world’s petroleum in the northeast corner of Alaska, a portion of which supply is met and subsequently followed by the could be designated for oil and natural gas terminal decline of production. exploration.  Strategic Petroleum Reserve (SPR): America’s  U.S. Domestic Access: Access to or exploration of storage of oil maintained by the U.S. Department of U.S. energy resources. Energy for future emergency situations involving U.S.  Oil Shale: An organic-rich sedimentary rock that can energy supply. be used to produce liquid hydrocarbons or converted  Capacity: The level of production for individual into various forms of oil. refineries as well as total production for all refineries.  Oil Sands: Unconventional oil that comprises a  Refineries: Oil refineries or the oil refining process. natural mixture of sand, water and a form of  Energy Supply: The supply of energy resources, petroleum called bitumen. such as oil or natural gas.  Natural Gas: Natural gas supply in the United States. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 19

Energy Resources Topics Explored in the Online Conversation, continued Energy Security  Energy Security: The issue of U.S. national security involving energy, such as rising costs or limited supplies.  Energy Independence: Energy independence or energy dependence refers to whether a country can rely on its own resources for energy production, or turns to other countries for energy supplies.  “Foreign” Oil: Supplies of oil from non-U.S. sources. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 20

Energy Resources Volume and Net Sentiment of Online Conversations Of the three key Energy Resources topics examined, Energy Reserves continued to be the largest driver of online discussion. It also was the most negative of the three topics with respect to the sentiment of online conversations. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 700,000 Energy Reserves 600,000 Volume of Online Conversations 500,000 400,000 300,000 Access 200,000 100,000 Energy Security 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 2.1 Low Volume/ Sentiment of Online Conversations Low Volume/ Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 21

Energy Resources Volume of Online Conversations Capacity comprised the largest share of the online conversation about Energy Resources during the first quarter of 2010, followed by Energy Reserves and the Outer Continental Shelf (OCS). 10 Energy Resources Subtopics* January 1, 2010 – March 31, 2010 OCS 8.00% U.S. Domestic Access 1.39% Oil Shale 0.48% Oil Sands 3.65% Energy Reserves 16.99% Peak Oil 5.90% Capacity 30.82% Energy Security 2.50% Energy Independence 3.77% "Foreign" Oil 3.11% 0% 5% 10% 15% 20% 25% 30% 35% Percentage of Online Conversations About Energy Resources – 1 Million Total *Ten of 15 Energy Resources subtopics Chart 2.2 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 22

Energy Resources Net Sentiment and Sentiment Volume of Online Conversations Energy Security was the most favorable conversation during the first quarter of 2010, with a neutral sentiment of 2.98, followed closely by Energy Independence (2.96). 10 Energy Resources Subtopics* January 1, 2010 – March 31, 2010 Category OCS*** U.S. Oil Shale Oil Sands Energy Peak Oil Capacity Energy Energy “Foreign” Domestic Reserves Security Independence Oil Net Access Sentiment 2.72 2.82 2.73 2.24 2.41 2.34 2.74 2.98 2.96 2.13 3,000 2,213 2,169 1,522 Sentiment Volume** 2,000 939 472 Negative Positive 627 623 436 1,000 226 68 0 -1,000 – 94 – 304 -2,000 – 424 – 979 – 1,528 – 1,441 – 1,373 -3,000 -4,000 – 3,307 – 3,132 – 3,732 -5,000 Neutral Volume 37,693 4,186 1,905 11,801 45,875 11,893 62,956 7,284 9,458 8,658 *Ten of 15 Energy Resources subtopics Chart 2.3 **Number of positive, negative and neutral posts rated by the SM2 social media monitoring tool ***Outer Continental Shelf Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 23

Energy Resources Sentiment Trends of Online Conversations The sentiment of the online conversation about Energy Security and Energy Independence improved significantly during the first quarter of 2010, while Oil Shale became significantly more negative in tone. October 1, 2008 – March 31, 2010 10 Energy Resources 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Subtopics* Outer Continental Shelf 2.69 2.70 2.76 3.05 2.96 2.79 U.S. Domestic Access 2.61 2.82 3.00 2.93 2.78 2.83 Oil Shale 1.64 2.26 2.35 2.46 3.34 2.68 Oil Sands 2.21 2.66 2.53 2.36 2.52 2.41 Energy Reserves 2.43 2.69 2.68 2.49 2.44 2.44 Peak Oil 2.72 2.48 2.33 2.39 2.27 2.35 Capacity 2.88 3.32 3.20 3.21 3.01 3.06 Energy Security 3.63 3.16 3.16 3.15 3.07 3.20 Energy Independence 3.08 3.23 3.31 3.18 2.91 3.12 “Foreign” Oil 2.36 2.23 2.40 2.20 2.19 2.23 Sentiment Trends of Online Conversations Legend: Positive (3.10–5.00) >0.10 Change: Positive *Ten of 39 Energy Resources subtopics Neutral (2.90–3.09) Negative Chart 2.4 Negative (1.00–2.89) Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 24

Energy Resources Access: Volume and Net Sentiment of Online Conversations All subtopics related to Access were negative in sentiment during the first quarter of 2010. U.S. Domestic Access was the least negative of subtopics during the quarter. Outer Continental Shelf (OCS) generated the largest volume of conversation. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 90,000 80,000 Natural Gas OCS 70,000 Volume of Online Conversations 60,000 50,000 40,000 Oil Sands 30,000 20,000 ANWR* U.S. Domestic Access 10,000 Oil Shale 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Low Volume/ Low Volume/ Sentiment of Online Conversations Chart 2.5 Negative Sentiment Positive Sentiment *Arctic National Wildlife Refuge Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 25

Energy Resources Access: Volume Trend of Online Conversations Outer Continental Shelf (OCS), Natural Gas and Arctic National Wildlife Refuge (ANWR) saw steep increases in the volume of online conversation during the first three months of 2010, increasing by 214 percent, 457 percent and 525 percent, respectively. Access* October 1, 2008 – March 31, 2010 90,000 80,000 70,000 Online Conversation Volume 60,000 ANWR 50,000 Natural Gas 40,000 OCS Oil Sands 30,000 U.S. Domestic Access 20,000 10,000 0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Chart 2.6 *Five of six subtopics about Access Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 26

Energy Resources Energy Reserves: Volume and Net Sentiment of Online Conversations Among the six Energy Reserves subtopics, Capacity was the highest in volume and least negative in sentiment during the first quarter of 2010. High Volume/ High Volume/ January 1, 2010 – March 31, 2010 Negative Sentiment Positive Sentiment 350,000 300,000 Capacity Volume of Online Conversations 250,000 200,000 Energy Reserves 150,000 100,000 Refineries 50,000 Peak Oil Energy Supply SPR* 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Low Volume/ Low Volume/ Sentiment of Online Conversations Chart 2.7 Negative Sentiment Positive Sentiment *Strategic Petroleum Reserve Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 27

Energy Resources Energy Reserves: Volume Trend of Online Conversations The volume of conversation about Capacity increased significantly during the first quarter of 2010 after falling in size during the previous three quarters. Other subtopics increased in volume as well. Energy Reserves* October 1, 2008 – March 31, 2010 300,000 250,000 Online Conversation Volume 200,000 Capacity Energy Reserves 150,000 Energy Supply Peak Oil 100,000 Refineries 50,000 0 Chart 2.8 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 *Five of six subtopics about Energy Reserves Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 28

Energy Resources Energy Security: Volume and Net Sentiment of Online Conversations During the first quarter of 2010, online conversation about Energy Independence sparked the highest volume of discussion. Energy Security and Energy Independence were both neutral in sentiment, while the latter drove more conversation. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 40,000 Energy Independence 35,000 Volume of Online Conversations 30,000 “Foreign” Oil 25,000 Energy Security 20,000 15,000 10,000 5,000 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 2.9 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 29

Energy Resources Energy Security: Volume Trend of Online Conversations The volume of online conversation about Energy Security subtopics continued to rebound during the first quarter of 2010, approaching levels not seen since the fourth quarter of 2008. Energy Security October 1, 2008 – March 31, 2010 50,000 40,000 Online Conversation Volume 30,000 Energy Independence Energy Security 20,000 "Foreign" Oil 10,000 0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Chart 2.10 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 30

Energy Resources Sample of Influencers Active in the Online Conversation Blog Link Description Features energy news, research, editorials, on all the topics of energy Consumer Energy Report http://www.consumerenergyreport.com including but not limited to crude oil, gas prices, and alternative energy. Covers a wide range of topics and information for online users interested New Energy & Fuel http://newenergyandfuel.com in energy and fuels from a consumer or investor perspective. Provides an unconventional look at crude oil prices, crude oil volatility and Crude Oil Insights http://oilinsights.net supply and demand outlook. National Review Energy Hosts a panel of energy industry experts who post and debate on national http://energy.nationaljournal.com/ Experts Blog energy and environmental issues. True Blue Natural Gas http://www.truebluenaturalgas.org American Gas Association’s blog on natural gas and energy. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 31

Energy and Technology Summary of the Online Conversation  There were nearly 5 million posts  The sentiment of online conversations about Energy and Technology that about all three key Energy and surfaced online in the first three Technology topics dropped from the months of 2010. This is twice the fourth quarter of 2009 to the first quarter volume of conversation compared to the of 2010. Energy Efficiency had the most last three months of 2009. notable decrease in sentiment.  Over the course of 18 months, there were 15.1 million posts about Energy  Alternatives and Renewables led the and Technology. Energy and Technology conversation during the 18-month period, garnering 43  The tone of online conversation percent (6.5 million) of the online about Energy and Technology in the conversation. first quarter of 2010 was positive (3.31), though it was slightly lower than the fourth quarter of 2009 (3.41). KEY ENERGY AND TECHNOLOGY TOPICS EXAMINED: • Energy Efficiency  Discussions about Energy Efficiency generated the highest sentiment of the • Technology and Innovation three key Energy and Technology • Alternatives and Renewables topics. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 33

Energy and Technology Topics Explored in the Online Conversation Energy Efficiency Technology and Innovation  Energy Efficiency: Reducing the amount of energy  Deepwater: Exploring and producing oil and gas off needed to perform a process, from heating a home to the coastline in water depths of 1,000 ft or more. powering a factory.  Energy Technologies: Technological processes or  Fuel Efficiency: Efficiency of a particular vehicle innovations associated with producing energy. measured by its total output (e.g., mileage) in  Fuel Cell: An electrochemical cell that combines a comparison to amount of input (e.g., fuel). Also fuel source (e.g., hydrogen) with an oxidant (e.g., related to fuel economy indicated by miles per gallon water) to produce an electrical current, commonly (mpg) or kilometers per liter (km/L). used to power vehicles.  Energy Conservation: Reduction of energy  Directional Drilling: Drilling nonvertical wells that consumption. can extract oil and natural gas from a single point  Energy Efficiency Policy: Local, state and national across a vast territory. policies designed to reduce the amount of energy  Gas-to-Liquids (GTL): Converting gaseous used through incentives, tax credits and other policy compounds into hydrocarbon-based liquids such as mechanisms. gasoline.  Fuel Efficiency Policy: Regulations and legislation  Intercropping: Energy industry’s adoption of the at the local, state and national levels, such as agricultural practice of growing one crop between emissions performance standards, that are used to the rows of another crop of a separate source; set new thresholds in emission control technology. commonly used to harvest biomass.  Steamflooding: Enhanced oil recovery process of injecting steam into heavy-oil reservoirs to heat the crude oil underground, reducing its viscosity and allowing its extraction through wells. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 34

Energy and Technology Topics Explored in the Online Conversation, continued Technology and Innovation, continued  Energy Innovation: Advancements made in the  Cleantech: Energy products and services that development of energy sources. increase efficiency while reducing costs, energy consumption and environmental impact.  Gasification: Producing gas from coal in order to convert it into transportation fuels like gasoline or  Hydraulic fracturing: Recovery of natural gas and diesel. oil from rock formations deep below the earth’s surface through the injection of fluid pressure into  Solar-to-Steam: Generation of steam from captured targeted fractures in the rock. This creates a path sunlight to carry out heavy oil extraction. between the reservoir to the well, increasing the  Liquefied Natural Gas (LNG): Liquid form of natural amount of oil and natural gas that can be recovered. gas for easier storage and/or transportation of natural  Seismic Imaging/Visualization: Three-dimensional gas to markets. imaging of subsurface geology that helps petroleum  Exploration and Development: Exploratory engineers identify possible oil– and gas–bearing ventures and developments of energy resources. formations. The images show a reservoir at different  Carbon Capture and Storage (CCS): Family of stages of depletion, allowing engineers to improve technologies that provide capture and storage of recovery and produce resources more efficiently. carbon dioxide emissions in deep geological  Enhanced Oil Recovery: Technologies such as formations. thermal recovery or gas injection that can be used to  Carbon Capture: Capturing and compressing of increase the amount of oil that can be extracted from carbon dioxide in the CCS process. an oil field.  Carbon Sequestration: Geo-engineering technique used for the long-term storage of carbon dioxide. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 35

Energy and Technology Topics Explored in the Online Conversation, continued Alternatives and Renewables  Biofuels: Fuels produced from renewable biological  Ocean: Energy generation through the movement of resources, including vegetable oil– and animal fat– ocean surface waves. based diesel fuels.  Algae: Use of the photosynthetic organism algae to  Ethanol: Flammable, colorless liquid that can be create a biofuel by converting carbon dioxide and used as a fuel or fuel additive. sunlight into oxygen and biomass.  Alternatives and Renewables: Nontraditional  Cellulosic Ethanol: Biofuel produced from wood, sources of energy and those that can be produced grasses or nonedible plant parts. from naturally replenishing resources, such as solar,  Corn-Based Ethanol: Form of ethanol produced wind or wave power. from corn through industrial fermentation and  Geothermal: A source of energy that is generated by distillation. extracting heat from the earth.  Nonfood Biofuels: Ethanol produced from nonfood  Solar: Generation of electricity from sunlight. crops for waste biomass, such as the stalks of wheat and wood.  Wind: Power of wind converted into a usable form of energy that can be harnessed to produce electricity.  Biohydrocarbons: Fuel source produced by mixing biomass feedstock of plants with hydrogen and  Hydrogen: Generating power from hydrogen and fuel another chemical catalyst. cells, which are electrochemical cells that generate electricity through the reactions between hydrogen  Clean Energy: Energy sources that do not pollute and water. the atmosphere or environment when used.  Nuclear: Energy produced from controlled nuclear reactions. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 36

Energy and Technology Volume and Net Sentiment of Online Conversations Among the key Energy and Technology subtopics, Alternatives and Renewables generated the highest volume of online conversation in the first quarter of 2010, with roughly 2.2 million posts. Technology and Innovation was the most positive in sentiment (3.44). All three of the topics were positive. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 2,500,000 Alternatives and Renewables 2,000,000 Volume of Online Conversations 1,500,000 Technology and Innovation Energy Efficiency 1,000,000 500,000 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 3.1 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 37

Energy and Technology Volume of Online Conversations The Energy Technologies subtopic produced the largest volume of online conversation during the first quarter of 2010, followed by Solar and Energy Efficiency. 10 Energy and Technology Subtopics* January 1, 2010 – March 31, 2010 Biofuels 2.81% Solar 9.81% Wind 6.15% Nuclear 6.39% Energy Efficiency 7.24% Energy Conservation 5.78% Deepwater 0.11% Energy Technologies** 14.13% Liquefied Natural Gas 3.12% Fuel Cell 1.14% 0% 2% 4% 6% 8% 10% 12% 14% 16% Percentage of Online Conversations About Energy and Technology – 4.9 Million Total *Ten of 39 Energy and Technology subtopics **Technological processes or innovations associated with producing energy Chart 3.2 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 38

Energy and Technology Net Sentiment and Sentiment Volume of Online Conversations Energy Efficiency was one of the most favorable of the Energy and Technology subtopics during the first quarter of 2010. Nuclear was one of the most negative, along with Conservation. There was a marked difference in the sentiment of online conversations about Energy Efficiency compared with Conservation. 10 Energy and Technology Subtopics* January 1, 2010 – March 31, 2010 Category Biofuels Solar Wind Nuclear Energy Conservation Deepwater Energy Liquefied Carbon Efficiency Technologies Natural Gas Capture Net Sentiment 3.23 3.64 3.15 2.38 4.00 2.42 3.56 3.05 3.29 3.52 20,000 17,133 12,359 Sentiment Volume** 15,000 10,993 11,088 Negative Positive 6,667 9,893 10,000 4,723 3,758 5,000 126 435 0 -5,000 – 46 – 204 – 3,455 – 2,327 -10,000 – 7,499 – 6,172 – 9,407 -15,000 – 10,132 – 10,287 -20,000 – 19,123 -25,000 Neutral 51,717 182,297 143,464 119,978 95,279 91,974 2,632 178,363 70,029 5,086 Volume *Ten of 39 Energy and Technology subtopics Chart 3.3 **Number of positive, negative and neutral posts rated by the SM2 social media monitoring tool Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 39

Energy and Technology Sentiment Trends of Online Conversations Online discussion of Solar and Wind became significantly more positive during the first quarter of 2010. The online conversation about Energy and Technology subtopics continued to be mostly positive, with the exception of Nuclear and Energy Conservation, which were negative. October 1, 2008 – March 31, 2010 10 Energy and 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Technology Subtopics* Biofuels 3.33 3.54 3.43 3.48 3.35 3.23 Solar 3.76 3.66 3.83 3.87 3.53 3.64 Wind 3.66 3.42 3.78 3.47 3.04 3.15 Nuclear 2.47 2.30 2.82 2.85 2.45 2.38 Energy Efficiency 3.52 4.03 4.01 4.05 4.05 4.00 Energy Conservation 2.49 2.83 2.62 2.72 2.72 2.42 Deepwater 3.60 4.05 3.79 3.92 3.58 3.56 Energy Technologies 2.96 3.33 3.38 3.28 3.08 3.05 Liquefied Natural Gas 3.13 3.08 3.12 2.91 3.38 3.29 Carbon Capture 3.23 2.92 3.34 3.16 3.54 3.52 Sentiment Trends of Online Conversations Legend: Positive (3.10–5.00) >0.10 Change: Positive *Ten of 39 Energy and Technology subtopics Neutral (2.90–3.09) Negative Chart 3.4 Negative (1.00–2.89) Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 40

Energy and Technology Energy Efficiency: Volume and Net Sentiment of Online Conversations Online conversations around Fuel Efficiency and Energy Efficiency were high in volume and positive in sentiment during the first quarter of 2010. Energy Efficiency Policy was quite positive but lower in volume. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 500,000 450,000 Fuel Efficiency 400,000 Volume of Online Conversations 350,000 Energy Efficiency 300,000 Energy Conservation 250,000 200,000 150,000 100,000 Fuel Efficiency Policy Energy Efficiency Policy 50,000 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 3.5 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 41

Energy and Technology Energy Efficiency: Volume Trend of Online Conversations The volume of online conversation about Energy Efficiency subtopics was relatively flat for the last five quarters, before surging in the first quarter of 2010. Conversation about Fuel Efficiency and Fuel Efficiency Policy increased by more than 200 percent each, while Energy Efficiency and Energy Efficiency Policy grew by more than 100 percent each. Energy Efficiency October 1, 2008 – March 31, 2010 500,000 450,000 400,000 Online Conversation Volume 350,000 300,000 Energy Conservation Energy Efficiency 250,000 Energy Efficiency Policy 200,000 Fuel Efficiency Fuel Efficiency Policy 150,000 100,000 50,000 0 Chart 3.6 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 42

Energy and Technology Technology and Innovation: Volume and Net Sentiment of Online Conversations General conversation about Energy Technologies had the largest volume among Energy and Technology subtopics during the first quarter of 2010. The majority of subtopics were low in volume, but quite positive in sentiment during the quarter. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 800,000 700,000 Energy Technologies Volume of Online Conversations 600,000 500,000 400,000 A. Carbon Capture B. Carbon Capture & Sequestration 300,000 C. Carbon and Sequestration D. Cleantech Exploration and Development E. Deepwater F. Directional Drilling 200,000 Innovation G. Fuel Cell Liquefied Natural Gas H. I. Gasification Gas-to-Liquids 100,000 J. Intercropping K. Oil Recovery A, B, E, I, N G L. Seismic Visual/Imaging M C HJ M. Solar-to-Steam 0 Hydraulic Fracturing F L D K N. Steamflooding 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 3.7 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 43

Energy and Technology Technology and Innovation: Volume Trend of Online Conversations The volume of online conversation about Energy Technologies more than doubled from the fourth quarter of 2009 to the first quarter of 2010. Other subtopics also increased in volume, but only moderately. Technology and Innovation* October 1, 2008 – March 31, 2010 800,000 700,000 Online Conversation Volume 600,000 500,000 Energy Technologies Exploration and Development 400,000 Fuel Cell Innovation 300,000 Liquefied Natural Gas 200,000 100,000 0 Chart 3.8 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 *Five of 19 subtopics about Technology and Innovation Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 44

Energy and Technology Alternatives and Renewables: Volume and Net Sentiment of Online Conversations The majority of Alternatives and Renewables subtopics were positive in sentiment during the first quarter of 2010. Solar and general discussion of Alternatives and Renewables led the conversation in volume. Biohydrocarbons was the most positive. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ 600,000 Negative Sentiment Positive Sentiment 500,000 Solar Volume of Online Conversations Alternatives and Renewables 400,000 Nuclear 300,000 Wind 200,000 Biofuels Clean Energy Ethanol 100,000 Geothermal Hydrogen Biohydrocarbons Ocean Algae Corn-Based Ethanol Cellulosic Ethanol Nonfood Biofuels 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 3.9 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 45

Energy and Technology Alternatives and Renewables: Volume Trend of Online Conversations After being quite consistent in volume during the previous four quarters, the online conversation about Alternatives and Renewables subtopics significantly increased in volume from the fourth quarter of 2009 to the first quarter of 2010. Alternatives and Renewables* October 1, 2008 – March 31, 2010 500,000 450,000 400,000 Online Conversation Volume 350,000 300,000 Alternatives and Renewables Ethanol 250,000 Nuclear 200,000 Solar Wind 150,000 100,000 50,000 0 Chart 3.10 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 *Five of 15 subtopics about Alternatives and Renewables Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 46

Energy and Technology Sample of Influencers Active in the Online Conversation Blog Link Description Spotlights news and information related to biofuels through daily updates Biofuels Digest http://www.biofuelsdigest.com/bdigest about companies, stocks and top stories. Highlights the latest news and information about the alternative fuels Domestic Fuel http://domesticfuel.com industry, with stories frequently containing original interviews and coverage of industry events. Atomic Insights http://atomicinsights.blogspot.com Discusses energy issues from an engineering perspective. Shares the latest news, updates and recommendations on the investment Green Chip Stocks http://www.greenchipstocks.com landscape for clean energy. Serves as a platform for collaboration and exchanging ideas to offer Cleantechies Blog http://blog.cleantechies.com alternatives to traditional products and services. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 47

Energy and Environment Summary of the Online Conversation  There were approximately 12 million  During the first three months of 2010, posts about Energy and Environment online discussion about the from October 2008 through March 2010. Copenhagen climate summit shrank Climate Change comprised 42 percent of by nearly half following the completion the conversation about Energy and of the summit in December 2009. Environment during this 18-month period, totaling 7.6 million posts.  The volume of online discussion about Energy and Environment was at  While the online conversation about its highest during the first three Environment, Resources and Policy months of 2010, when discussions was positive (3.15) during the 18-month about Environment and Oil, Global period, the discussion of Climate Change Warming and Cooling, and Climate and was quite negative (2.34). Energy peaked.  Among the Environment, Resources and  The tone of online conversation for Policy subtopics, Sustainability was the Climate Change became more negative most positive in sentiment (3.83), in sentiment during the first three months followed by Environment and Alternatives of 2010 (2.18), which also was the most (3.76) during the 18-month period. negative over the 18-month period. KEY ENERGY AND ENVIRONMENT TOPICS EXAMINED: • Environment, Resources and Policy • Climate Change Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 49

Energy and Environment Topics Explored in the Online Conversation Environment, Resources and Policy Climate Change  Sustainability: Sustaining the supply of various  Greenhouse Gas (GHG): Encompasses any of the energy resources with minimal effects on the gases whose absorption of solar radiation is environment. responsible for the atmospheric heating phenomenon known as the greenhouse effect.  Environment and Oil: The environment and oil in either a refined or unrefined state.  Carbon Tax: An environmental tax on carbon dioxide  Environment and Gas: The environment and natural emissions that could be implemented by taxing the burning of fossil fuels (e.g., coal, oil) to raise gas. revenues and increase the competitiveness of  Environment and Alternatives: The environment noncarbon technologies. and alternative energy sources, including solar, wind  Cap-and-Trade: An administrative approach to and geothermal. controlling emissions by providing economic  Environment and Clean Energy: The environment incentives for achieving reductions in the emissions and nonpolluting resources such as nuclear power. of pollutants.  Environmental Policy: Environmental policy,  Intergovernmental Panel on Climate Change legislation and regulations at the local, state, national (IPCC): An intergovernmental body tasked with and international levels. evaluating the risk of climate change. The panel was  U.S. Environmental Protection Agency (U.S. EPA) established in 1988 by two organizations under and Energy: Energy issues related to the EPA, the the United Nations. federal agency that sets and enforces rules and  Kyoto: The Kyoto Protocol, aimed at combating standards to protect the environment. climate change; initially adopted on December 11, 2007, in Kyoto, Japan. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 50

Energy and Environment Topics Explored in the Online Conversation, continued Climate Change, continued  Emission Control: Standards and regulations  Assembly Bill No. 32 (AB32): California’s climate controlling the amount of pollutants released into the law, formally known as the Global Warming Solutions environment by motor vehicles, industry facilities and Act of 2006, that established a timetable to bring smaller power equipment such as tractors. California into near compliance with the provisions of the Kyoto Protocol. Enforced by the California Air  Low Carbon Fuel: Lower carbon-emitting fuels, Resources Board (CARB), the law requires a plan to including some alternative fuels or natural gas. reduce the state's greenhouse gas emissions to 1990  Climate and Energy: Energy sources, in relation to levels by 2020. climate change.  U.S. EPA and Carbon: In 2007, the U.S. Supreme  Global Warming and Global Cooling: Changes in Court held that the EPA has the right to regulate the the Earth's average atmospheric temperature and emission of greenhouse gases under the Clean Air corresponding changes in climate. Act “unless it is able to provide a scientific reason for not doing so.” The EPA exercised its authority on  Climate Policy: Legislation designed to regulate December 7, 2009, when it publicly finalized an greenhouse gas emissions. “Endangerment Finding” on greenhouse gases.  Copenhagen: Commonly referred to as the Copenhagen summit, the 2009 United Nations Climate Change Conference was held in Copenhagen, Denmark, December 7–18. Global leaders met to negotiate a framework for climate change mitigation around the world. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 51

Energy and Environment Volume and Net Sentiment of Online Conversations Online conversation about Environment, Resources and Policy was lower in volume than Climate Change during the first quarter of 2010; however, the sentiment of this key conversation topic was positive. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 2,500,000 Climate Change 2,000,000 Volume of Online Conversations 1,500,000 Environment, Resources and Policy 1,000,000 500,000 0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 4.1 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 52

Energy and Environment Volume of Online Conversations Global Warming and Cooling triggered the highest volume of conversation among the Energy and Environment subtopics during the first quarter of 2010, followed by Climate Policy and Environment and Oil. 10 Energy and Environment Subtopics* January 1, 2010 – March 31, 2010 Sustainability 3.75% Environment and Oil 8.84% Environment and Alternatives 5.62% Environmental Policy 7.71% Carbon Tax 0.77% Cap-and-Trade 3.58% IPCC** 3.41% Copenhagen 4.17% Global Warming and Cooling 28.21% Climate Policy 9.67% 0% 5% 10% 15% 20% 25% 30% Percentage of Online Conversations About Energy and Environment – 3.3 Million Total *Ten of 20 Energy and Environment Subtopics **Intergovernmental Panel on Climate Change Chart 4.2 Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 53

Energy and Environment Net Sentiment and Sentiment Volume of Online Conversations Among Energy and Environment subtopics, Sustainability was the most favorable conversation during the first quarter of 2010, with a net sentiment of 3.80, followed by Environment and Alternatives (3.70). Intergovernmental Panel on Climate Change (IPCC) was the most negative, with a net sentiment of 1.71. 10 Energy and Environment Subtopics* January 1, 2010 – March 31, 2010 Category Sustainability Environment Environment Environmental Carbon Cap-and-Trade IPCC Copenhagen Global Warming Climate and Oil and Policy Tax and Cooling Policy Alternatives Net Sentiment 3.80 2.58 3.70 2.99 2.29 2.49 1.71 2.32 2.05 2.53 30,000 18,718 Sentiment Volume** 20,000 4,483 2,722 2,596 2,056 Negative Positive 10,000 2,052 1,094 2,447 397 1,083 0 -10,000 – 1,004 – 917 – 1,027 – 1,986 – 4,831 – 3,811 – 3,161 – 5,216 -20,000 – 9,730 -30,000 -40,000 -50,000 -60,000 -70,000 – 63,545 Neutral 40,273 59,019 29,193 42,692 6,940 31,688 34,613 25,705 259,345 55,747 Volume *Ten of 20 Energy and Environment subtopics Chart 4.3 **Number of positive, negative and neutral posts rated by the SM2 social media monitoring tool Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 54

Energy and Environment Sentiment Trends of Online Conversations Online conversation about Global Warming and Cooling was significantly more negative in the first quarter of 2010 compared to previous quarters. Discussions of Carbon Tax and Cap-and-Trade improved in sentiment, but remained quite negative. October 1, 2008 – March 31, 2010 10 Energy and 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Environment Subtopics Sustainability 3.68 3.87 3.87 3.81 3.85 3.80 Environment and Oil 2.74 2.93 2.63 2.80 2.67 2.58 Environment and 3.69 3.58 3.76 3.89 3.80 3.70 Alternatives Environmental Policy 3.22 3.13 2.95 2.97 2.85 2.99 Carbon Tax 2.68 2.46 2.79 2.83 1.76 2.29 Cap-and-Trade 2.94 2.53 2.50 2.47 2.22 2.49 Intergovernmental Panel 1.96 2.13 1.86 1.82 2.26 1.71 on Climate Change Copenhagen 3.19 3.81 3.28 2.85 2.29 2.32 Global Warming and 2.28 2.52 2.39 2.33 2.27 2.05 Cooling Climate Policy 2.79 2.72 2.61 2.61 2.41 2.53 Sentiment Trends of Online Conversations Legend: Positive (3.10–5.00) >0.10 Change: Positive *Ten of 20 Energy and Environment subtopics. Neutral (2.90–3.09) Negative Chart 4.4 Negative (1.00–2.89) Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 55

Energy and Environment Environment, Resources and Policy: Volume and Net Sentiment of Online Conversations Environment and Alternatives was the only positive and high-volume subtopic of conversation in the Environment, Resources and Energy category during the first quarter of 2010. Sustainability was quite positive but lower in volume. High Volume/ High Volume/ Negative Sentiment January 1, 2010 – March 31, 2010 Positive Sentiment 350,000 300,000 Environment and Oil Volume of Online Conversations 250,000 Environmental Policy 200,000 Environment and Alternatives 150,000 Sustainability U.S. EPA* and Energy 100,000 Environment and Gas Environment and Clean Energy 50,000 0 *U.S. Environmental Protection Agency 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Chart 4.5 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment Positive Sentiment Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 56

Energy and Environment Environment, Resources and Policy: Volume Trend of Online Conversations With the completion of the Copenhagen climate summit, volume of conversation about Environmental Policy fell significantly, while discussion of Environment and Oil grew in volume. Environment, Resources and Policy* October 1, 2008 – March 31, 2010 400,000 350,000 Online Conversation Volume 300,000 250,000 Environment and Alternatives Environment and Oil 200,000 Environmental Policy 150,000 Sustainability U.S. EPA** and Energy 100,000 50,000 0 Chart 4.6 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 *Five of seven subtopics about Environment, Resources and Policy **U.S. Environmental Protection Agency Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 57

Energy and Environment Climate Change: Volume and Net Sentiment of Online Conversations The majority of Climate Change subtopics were low in volume and negative in sentiment during the first quarter of 2010, with the exception of Emission Control, which was neutral in sentiment and low in volume. High Volume/ January 1, 2010 – March 31, 2010 High Volume/ Negative Sentiment Positive Sentiment 1,000,000 Global Warming and Cooling 900,000 800,000 Volume of Online Conversations 700,000 600,000 500,000 400,000 Climate Policy Climate and Energy 300,000 Cap-and-Trade 200,000 Copenhagen Greenhouse Gases A. AB32** 100,000 IPCC* B. Carbon Tax DB C C. Low-Carbon Fuel A 0 Kyoto Emission Control D. U.S. EPA*** and Carbon 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Low Volume/ Low Volume/ Sentiment of Online Conversations Negative Sentiment *Intergovernmental Panel on Climate Change Positive Sentiment Chart 4.7 **Calif. Assembly Bill No. 32 ***Environmental Protection Agency Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 58

Energy and Environment Climate Change: Volume Trend of Online Conversations The conversation volume about Global Warming and Cooling increased more than 300 percent from the third quarter of 2009 to the first quarter of 2010, while other subtopics experienced a more gradual, but quite significant, increase in volume over the last 18 months. Climate Change* October 1, 2008 – March 31, 2010 1,000,000 900,000 800,000 Online Conversation Volume 700,000 600,000 Cap-and-Trade Climate and Energy 500,000 Climate Policy 400,000 Global Warming and Cooling Greenhouse Gases 300,000 200,000 100,000 0 Chart 4.8 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 *Five of 13 subtopics about Climate Change Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 59

Energy and Environment Sample of Influencers Active in the Online Conversation Blog Link Description Offers daily news and analysis about issues involving national energy and Solve Climate http://solveclimate.com/blog climate policy. Informs and educates consumers about environmental issues and green EcoFriend http://ecofriend.org technologies and lifestyle trends. Aims to make useful information about green topics and environmental EnviroKnow http://enviroknow.com policy accessible to the online community. Weighs in with daily news and insights about the future of the world’s Brave New Climate http://bravenewclimate.com climate. Greenspace http://latimesblogs.latimes.com/greenspace/ Features environmental news from California and beyond. (NYTimes.com Blog) Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 60

Join the Online Conversation About Energy Quarterly updates of the Chevron Pulse Report are published at: http://www.chevronpulsereport.com To join the online conversation about energy, visit: http://www.willyoujoinus.com To find out more about Chevron or to engage with us, visit:  Twitter: http://www.twitter.com/chevron or @chevron  Facebook: http://www.facebook.com/chevron  YouTube: http://www.youtube.com/chevron  LinkedIn: http://www.linkedin.com/companies/chevron  Website: http://www.chevron.com For questions about the report, or to get an alert when the report is updated, please email us at: pulsereport@chevron.com The Chevron Pulse Report(TM) is © 2010 Chevron Corporation. All rights reserved. Chevron hereby grants to any person a royalty-free license to copy the Report in whole or in part. Your license is conditioned upon providing attribution to Chevron (e.g. “Source: Chevron Pulse Report, 1Q 2010 Edition”). Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 61

Energy Resources Sample of Influencers Active in the Online Conversation Blog Link Description BNet.com's Energy blog provides analysis on a wide range of issues involving BNET/Energy http://industry.bnet.com/energy the energy sector including energy policy, green business, energy research and technologies. The Energy Bulletin provides information about peak oil, energy production and Energy Bulletin http://www.energybulletin.net/ implications of peak oil. Energy and Capital features insights on energy investment strategies and Energy & Capital http://www.energyandcapital.com/ insights, as well as perspectives on the latest energy issues and energy economy. Energy Outlook shares insights, information and discussion surrounding a Energy Outlook http://energyoutlook.blogspot.com spectrum of issues related to the energy industry. Houston Chronicle's NewsWatch: Energy blog is a source for news, analysis and NewsWatch: Energy http://blogs.chron.com/newswatchenergy/ conversation about developments and issues pertaining to the energy industry. Peak Oil News distributes analysis and information exploring the prospective Peak Oil News http://peakoil.com depletion of the world's oil supply. R-Squared Energy blog aims to foster objective discussions about energy and R-Squared Energy Blog http://i-r-squared.blogspot.com sustainability, and alternative solutions. The Energy Blog covers a range of energy issues from fossil fuels to renewable The Energy Blog http://thefraserdomain.typepad.com/energy/ energy. The site is focused on an "Energy Revolution," characterized as the growing need to supplement fossil fuels with alternative energy resources. The Energy Collective is a collaborative blog where a number of contributing The Energy Collective http://www.theenergycollective.com/ energy experts weigh-in on relevant energy news, resources, technologies, policy and more. The Oil Drum is an online destination for conversation about peak oil and relevant The Oil Drum http://www.theoildrum.com/ topics pertaining to the current and future energy supply. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 63

Energy and Technology Sample of Influencers Active in the Online Conversation Blog Link Description AutoblogGreen is a blog devoted to the discussion of green automotive AutoblogGreen http://www.autobloggreen.com technology. Cleantech Blog includes news and technology updates related to energy, Cleantech Blog http://www.cleantechblog.com/ the environment and climate change. CleanTechnica is an online destination for conversation about clean energy CleanTechnica http://cleantechnica.com/ technology. Earth2Tech is a blog focused on clean technology, automotive and Earth2Tech http://www.earth2tech.com environmental-friendly technology policy. EcoGeek covers issues lying at the cross-section between energy and EcoGeek http://www.ecogeek.com technology. Gas 2.0 is dedicated to the sharing of ideas, solutions and information for Gas 2.0 http://gas2.org/ moving beyond petroleum-based fuels. GreenTech Media is a site targeting green businesses and entrepreneurs GreenTech Media http://www.greentechmedia.com/ with "daily news and market analysis about the end-to-end cleantech market" including solar, smart grid and other emerging energy sectors. RenewableEnergyWorld supplies insights and information about the Renewable Energy World http://www.renewableenergyworld.com renewable energy industry, with specific interest in products, businesses and services. Sustainablog aims at connecting people, companies, technology, and ideas Sustainablog www.sustainablog.org around the movement toward a more sustainable future. The Daily Green offers online visitors daily access to eco-friendly news and The Daily Green http://www.thedailygreen.com/ trends, advocating the importance of living green and finding energy- efficient solutions. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 64

Energy and Environment Sample of Influencers Active in the Online Conversation Blog Link Description Climate Progress is an online destination for the progressive discussion of Climate Progress http://climateprogress.org/ climate science, solutions and politics. Environmental Leader is a top online destination for conversation about Environmental Leader http://www.environmentalleader.com corporate sustainability. Green Car Congress is a leading online resource for the discussion of Green Car Congress http://www.greencarcongress.com sustainable mobility. Green Inc. is NYTimes.com's sustainability blog dedicated to conversation Green Inc. (NYTimes) http://greeninc.blogs.nytimes.com/ about the environment and the impact of environmental policy on business. Grist is a leading online resource for conversation about environmental Grist www.grist.org/ policy. Mother Nature Network (MNN) is an environmental Website devoted to Mother Nature Network http://mnn.com providing news and information covering a broad scope of environmental and social responsibility issues. Sustainablog is an online resource with conversations that help guide Sustainablog http://sustainablog.org/ consumers to make environment-friendly choices. Treehugger is a sustainability blog that serves as a central online resource TreeHugger http://www.treehugger.com for a gamut of green news, solutions and information. Triple Pundit centers on issues at the intersection of business and Triple Pundit http://www.triplepundit.com sustainability. Worldchanging provides its visitors with ideas, models and new tools for Worldchanging http://www.worldchanging.com building a green future. Chevron Pulse Report – 1Q 2010 Edition, October 2008 - March 2010 | Prepared by Edelman © 2010 Chevron Corporation | 65

Chevron Pulse Report: 1Q 2010 Edition - The State of the Online Energy Conversation

by Chevron Corporation on Jul 12, 2010

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Chevron Pulse Report: 1Q 2010 Edition - The State of the Online Energy Conversation — Presentation Transcript